Critical Illness

What Is Critical Illness Insurance?

Critical Illness insurance helps cover out-of-pocket expenses associated with a serious illness. You may have medical insurance. But that doesn't mean you're covered for all of the expenses resulting from a serious illness that you probably haven't budgeted for — things like co-pays, deductibles, loss of income, child care and travel expenses. Group Critical Illness insurance helps fill the gap caused by these out-of-pocket costs, creating a financial safety net for you and your family.

How Does Critical Illness Insurance Work?

Critical Illness insurance provides an extra layer of protection that can make a big difference in your ability to pay out-of-pocket expenses associated with a serious illness. It pays a lump-sum benefit directly to you upon diagnosis of a covered illness, regardless of your treatment costs or what’s covered by your medical insurance.

Shayna beat cancer, but there were many costs she didn't expect. Beyond her medical plan’s coinsurance for chemotherapy treatments and copays for doctor appointments, she purchased hair prosthetics, had to pay for travel to specialists, and underwent alternative treatments that she felt helped her. What's more, her husband missed work to help care for her. Fortunately, she had Critical Illness insurance coverage, which helped provide an essential buffer for her family's finances while she was being treated.

Shayna used her insurance benefit to help pay for:

Medical insurance deductible

Out-of-pocket expenses for six months

Alternative treatments and diets not covered by her medical plan

Transportation to medical appointments and treatments

Lodging near treatment facility

Husband's lost wages

*Example is for illustrative purposes. Eligibility for benefits and amounts shown in this example may vary from any policy your employer may offer and may vary based upon your individual circumstances, policy definitions, waiting periods, exclusions and limitations.

Heart Attack

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Meghan's husband suffered a heart attack that not only required hospitalization, but made it impossible for him to work for months. Fortunately, Meghan signed up for Critical Illness insurance for her spouse. The benefits not only helped her pay for their medical insurance deductible, copays and other out-of-pocket expenses, but they also helped provide a much-needed buffer for their regular monthly expenses while he recovered. They even used a portion of the benefit for specialists who helped her husband improve his health and manage his stress.

Meghan used the benefit to help pay for:

Medical insurance deductible

Prescription copays and coinsurance

Sessions with wellness specialist

Lost wages

*Example is for illustrative purposes. Eligibility for benefits and amounts shown in this example may vary from any policy your employer may offer and may vary based upon your individual circumstances, policy definitions, waiting periods, exclusions and limitations.

Congenital Illness

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The birth of Mateo’s new baby took a surprising turn when he found that their baby had a developmental defect called spina bifida. While not life threatening, this condition meant his son required specialist visits, surgeries and assistive devices to promote his development. Fortunately, Mateo's Critical Illness coverage paid a benefit equal to 25 percent of the coverage amount he chose for himself. This benefit helped his family cover much of the unexpected costs of taking special care of his son.

Mateo used the benefit to help pay for:

Medical insurance deductible

Specialist copays (six visits)

Coinsurance for two surgeries

Assistive devices

*Example is for illustrative purposes. Eligibility for benefits and amounts shown in this example may vary from any policy your employer may offer and may vary based upon your individual circumstances, policy definitions, waiting periods, exclusions and limitations.

Advanced Alzheimer's Disease

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When Steven's spouse was in the early stages of Alzheimer’s disease, she could still function independently despite a few memory lapses. But recently, her condition has progressed to an advanced stage, and caring for her condition was becoming very expensive. There were constant copays because of ongoing doctors’ visits and medication, and expensive therapies not covered by medical insurance. Eventually, he needed to hire in-home help. Fortunately, Steven's Critical Illness benefit helped cover those expenses as their lives adjusted to meet her needs.

Steven used his benefit to help pay for:

Doctor visit copays

Prescription copays

Safety-related home modifications

In-home caregiver (20 hours per week)

*Example is for illustrative purposes. Eligibility for benefits and amounts shown in this example may vary from any policy your employer may offer and may vary based upon your individual circumstances, policy definitions, waiting periods, exclusions and limitations.

Help Ensure Your Financial Plans Stay Healthy Even When You're Not

Critical Illness insurance is an affordable way to make up the difference between what your health insurance covers and what you'd owe out of pocket if you or a family member were diagnosed with a covered serious illness.

Interested in this coverage? Talk to the benefits administrator where you work.

Confidence and Compassion

A Note from Greg Ness, Chairman, President and CEO

At The Standard, we’ve been helping people achieve financial well-being and peace of mind since 1906. As the global health crisis continues to disrupt lives, communities and the economy, I am confident we’ll continue helping people when they need us the most. Our company has been through hard times and market volatility before and we will navigate through this challenge as well. As our customers face tremendous stress and uncertainty, we will continue providing support and stability to those who rely on our products and services.

This pandemic is tough on everyone. Our communities are hurting, our families and friends are distressed and some of our most vulnerable neighbors are at risk.

The crisis and the way we collectively respond to it will define a generation. We are rising to the challenge. I know every single employee at our company — along with staying focused on keeping our business running and serving our customers — is looking for ways to make a difference for those most affected by this pandemic. That’s proving true in businesses and homes across the community, the country and around the world.

Part of the tragedy of this disease is that even as we come together to help those most in need, the unique nature of COVID-19 is forcing us apart. We all understand the importance of —social distancing— to slow the spread, but we should remember that’s just physical distancing. I encourage you to find ways to safely connect with those in your neighborhood who may require extra help and with groups in your community that are making a difference and support them however you can. And now is the perfect time to reach out to friends and others and just check in.

To our health care providers, first responders and everyone selflessly setting aside their own fears and concerns to help others during this time — thank you hardly seems enough. These people are true heroes. This crisis reinforces how reliant we are on the many essential services we too often take for granted. We are grateful to so many for continuing to show up with focus and commitment.

We will get through this, especially if we are sustained by the examples of those who make us the proudest right now — family, friends, neighbors and colleagues working together — rather than allowing our fears to guide us. No matter how unsettled we may feel, remember we are not alone. There are so many people in this world trying their level best to help others. And I am certain we will get through this — together.

In times of crisis, we are defined by how we react. Let’s continue to be defined by compassion.

And to our customers, thank you for putting your trust in The Standard. What we sell is a promise to be there when you need us, and that promise is unwavering.

How the Family Care Benefit provided the ability to care for a loved one
Jared's daughter was born with a heart defect. They visited multiple specialists to diagnose the condition and determine the appropriate treatment. Then his daughter underwent surgeries, hospital stays and months of follow-up appointments. Benefits from Jared’s Platinum Advantage policy helped make up for the income lost when Jared spent time away from work to attend physician appointments and to be with his daughter in the hospital and throughout her extended recovery — providing peace of mind during a trying time.

Assistance on the road to recovery through a rehabilitation program
Jody's role as an accountant at a small firm requires a lot of computer work. After sustaining a serious back injury from a car accident, Jody was totally disabled under her Platinum Advantage policy. Jody’s doctor recommended she purchase assistive equipment to help her work comfortably at her desk without aggravating her condition. She was able to return to work full time after participating in a rehabilitation program in which expenses for a sitstand desk and other ergonomic accommodations were paid for under her Platinum Advantage policy. These modifications helped ensure she could return to work safely, without hindering her recovery.

Benefits that match career growth through the Benefit Increase Rider
David is completing his dermatology residency and just accepted an offer at a private practice. Before the end of his residency, he purchased a Platinum Advantage policy that included the Benefit Increase Rider, knowing his income will rise significantly after he starts his first post-residency job. The benefit also will allow his policy to grow with him as he progresses in his career and receives additional salary increases. David values the fact that his coverage going forward will match his developing career.

Finding work in a new occupation with the Own Occupation Rider
Jason injured his right hand in an accident and was unable to return to his job as an orthopedic surgeon because he couldn't perform surgery. Due to his medical training, he was able to return to work as a family medicine physician. Jason was considered totally disabled in his regular occupation as an orthopedic surgeon — even though he earns an income from another occupation as a family medicine physician — because of the own occupation definition of total disability included in his Platinum Advantage policy. Because of this, he receives the policy's full basic monthly benefit, in addition to the income he receives in his new position.

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Critical Illness insurance is called Specified Disease insurance in the states of New York and Vermont.

This is a limited benefit policy. Not all benefits are available in all states.

The products and coverages have exclusions, limitations, reductions of benefits and terms under which they may be continued in force or terminated. Please contact your HR representative for additional information, including costs and complete details of coverage.

Group Critical Illness Insurance underwritten by Standard Insurance Company is provided under policy form numbers: GP0614-CI, GP0614-CIw/GC0614-CI, GP0614-CI FL.

Group Specified Disease Insurance underwritten by The Standard Life Insurance Company of New York is provided under policy form number: GPNY0614-CI. This policy provides limited benefits health insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York State Department of Financial Services.

The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York, and The Standard Life Insurance Company of New York (White Plains, New York), licensed only in New York. Products and availability vary by state and are solely the responsibility of the applicable insurance company.